Young Workers Failing To Take Pension

In a follow-up to my earlier post on workers failing to join their company pension schemes, IFAOnline reports that in a survey by insurance firm Clerical Medical, up to 70% of young employees are failing to join their schemes.

As with previous research, poor understanding of pensions, complex pension rules and a lack of belief in the pensions system are blamed for the poor take-up.

Also, of those people surveyed between the ages of 19 and 25, 90% feel that it is the job of the government to provide for the population in retirement.

Whilst it would be nice to think that the government will look after us in our retirement, I think it’s naive to think that they will be able to afford to do this, given the already stretched state pension system and a population living ever-longer.

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